How much fafsa can you get

However, there are interaction effects between the amounts of the various types of awards. Based on data from the National Postsecondary Student Aid Study NPSAS , the actual average total federal student aid and actual average federal grants are lower than shown in the previous table. This table shows the average amounts of federal aid, the percentages receiving federal aid and the 90 th percentile amounts of federal aid among undergraduate students who filed the FAFSA.

These figures do not include military student aid, state aid and institutional aid. Interest rates on private student loans vary, so be sure to compare lenders before you borrow. You could qualify for additional merit aid based on your academic performance and personal characteristics, for example. Or you could get extra grants if your financial circumstances change after you submit the FAFSA and you appeal for more aid.

The government determines your EFC based on an elaborate formula that takes into account several financial and family factors, all given individual weighting. Some assets and portions of savings and income are protected from the calculation. Non-need-based aid includes federal unsubsidized loans and PLUS loans. Merit aid is given out in the form of college-specific grants or scholarships. To make up for a gap between your need-based and merit aid and the cost of attendance, for instance, some schools may suggest your parents take out a federal parent PLUS loan, which is a form of non-need-based aid that carries higher interest rates and fees than other federal loan types.

Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. Select Region. United States. United Kingdom. Brianna McGurran. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

Read on for more details about how to figure out the financial aid you can expect to receive. Compare Rates Now. Was this article helpful? Share your feedback. Send feedback to the editorial team. You must answer questions related to your financial aid eligibility to get a result. You need to fill in the estimated amounts of state and college aid, as well as any possible private scholarship amounts. Also, the generosity of certain federal aid programs, such as work-study, differs from school to school based on available funding.

The net price, or the amount that you must pay after factoring in scholarships and grants, is a more useful measure. That amount could include federal Pell Grants as well as state and school grant funding. Once you have an idea of how much financial aid you can expect, you can better determine your debt load to pay for college.